HCM CITY — Police in southern Ba Ria - Vung Tau Province on Wednesday arrested a director of a local food company at his home in HCM City for appropriating funds from the city's price-stabilisation programme.
Police said that Pham Van Minh, director of the food processing company Phu An Sinh, allegedly took VND35.5 billion (US$1.7 million) from the province's Departments of Industry and Trade, and Agriculture and Rural Development.
Police said Minh had delayed paying back the amount that the departments had supplied Minh to reserve pork and chicken supplied to the market as part of the price-stabilisation programme.
In November 2010, trade department gave him VND16.5 billion via a contract that was valid until May, 2011. Minh paid back VND6.5 billion and delayed VND10 billion.
The agriculture department also gave him VND35 billion from August to October in 2010.
In April last year, the company had to pay off the amount, but Minh had paid only VND1.5 billion by May last year. He owed VND33.5 billion of the principal and VND2 billion for delayed interest payments.
Minh was arrested in HCM City's District 12 and transferred to Ba Ria - Vung Tau for investigation. —VNS